The announcement led off Exxon’s annual Investor Day in New York and only hours after the oil giant decided to end a decades-old relationship with Russia...
The new savings announced Wednesday would reduce costs by $10 a barrel, Exxon said, and would be enough to pay for 60% of the company’s dividend, the third-highest in the S&P 500 Index, according to Bloomberg data. The savings will help to double earnings and cash flow “potential” by 2027 while boosting returns, Exxon said.
The slimmed-down strategy also helps Exxon’s climate agenda because the company will be producing far less fossil fuel than its pre-pandemic plan. Shareholders sided with activist investor Engine No. 1 over management last year to replace a quarter of Exxon’s board with new directors following a campaign that demanded the company accelerate its energy transition plans.
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